The Financial Services Authority (FSA) has banned 11 small firms from carrying on regulated activities after they failed to submit the retail mediation activities return (RMAR), despite repeated requests to do so.
The FSA says the firms failed to satisfy the threshold conditions set out in schedule 6 of the Financial Services and Markets Act (FSMA) 2000 by failing to conduct their businesses in compliance with proper standards. They also failed to comply with principle 11 of the Act, under which firms must co-operate with the FSA. More specifically, the firms failed to submit the RMAR despite the FSA’s repeated requests for them to do so. The 11 barred firms are: Edward Harding trading as Bond Services; Donald Whiteford trading as Equity Finance; Ka & Ap Raine trading as Dragon Mo...
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